) --

National Retail Properties

(NNN) - Get National Retail Properties, Inc. Report

shares failed to ride Wednesday's market rally -- even as other mall and retail

real estate investment trusts

were gaining -- after the company priced a secondary offering.

National Retail said late Tuesday it had priced an offering of 8 million shares at $26.07 per share. Underwriters were granted a 30-day option to purchase up to an additional 1.2 million shares to cover over-allotments.

The offering is expected to close on Sept. 12, 2011.

Investors, worried about the dilutive effect the offering will have on their own holdings, bid National Retail shares 1.2% lower at $26.28 in afternoon trading. The stock traded heavily; around 8.4 million shares changed hands with more than two hours left in the trading session, compared with their average daily volume of just 1.4 million.

>> 14 REITs Increasing Dividends Annually

Elsewhere in the retail REIT space,

Kimco Realty

(KIM) - Get Kimco Realty Corporation (KIM) Report


General Growth Properties



Simon Property Group

(SPG) - Get Simon Property Group, Inc. Report


Tanger Factory Outlet Centers

TheStreet Recommends

(SKT) - Get Tanger Factory Outlet Centers, Inc. Report

all traded higher. Kimco gained 3.4%, General Growth added 2.4%, Simon Property rose 1.6% and Tanger gained 1.4%.

>> Annaly to Raise $2.1B in Secondary Offering


Written by Miriam Marcus Reimer in New York.

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Miriam Reimer


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